Join Us

Forgot Password / Enroll

Online Banking Login

 

Wire transfers - everything you need to know

By VerityCU September 01, 2020 Financial education

When you need to move large sums of money quickly and securely, a wire transfer may be exactly what you're looking for. And Verity is here to help!

Most people don't need to perform wire transfers often, which makes it hard to know exactly how to do it. That's why we're sharing everything you need to know about wire transfers at Verity.

Fees

Please refer to our fee schedule for any applicable wire transfer fees. It is free to receive a wire transfer from within the U.S. There is a $20 fee to send a domestic wire. International wire transfers have a $40 fee, both for incoming and outgoing transfers.

Cut off times

Please note that wire transfer requests must be received by the following times in order to be processed and sent the same day:

  • 12:00 p.m. for international wires
  • 1:00 p.m. for domestic wires 

Requests received after the cut off times will be sent the following business day (Monday - Friday). Any requests received on weekends will be sent on the following business day. 

Sending a wire transfer to someone in the U.S.

As of April 2021, members are able to send domestic wires from Digital Banking. Please note you will need to use a secure access code that will be sent to you during the submission process, so have your phone readily available.

  1. Log in to Digital Banking and navigate to "Send a Wire" under the "Move money" menu.
  2. The first time you submit a wire transfer via Digital Banking, you will be presented with the Wire Transfer Agreement. This must be approved before you can proceed with the transfer. 
  3. Contact the financial institution receiving the wire (“Beneficiary Bank”) to ensure you have the proper information for their incoming wire process. You will need the following information:
    1. ABA or Routing number for incoming wires.
    2. Full financial institution name and address.
    3. Any specific special instructions they require. This may include an escrow account number for real estate wire transfers, the type of account receiving the funds, etc. 
  4. Make sure you have the proper information for the person receiving the wire. This includes the account number the wired money is being deposited into, the name of the account holder and the address of the person receiving the wire.
  5. After filling out all the necessary fields, press the "Approve" button. 
  6. Before you can complete the wire submission, you will be sent a secure access code via phone call or text message. 
  7. Depending on the amount of your wire transfer and where it is going, you may be asked to verify your identity with a signature via DocuSign. If that is the case, you will receive an email or phone call alerting you of the final step.

Send wire transfer to someone in another country (including Canada and Mexico)

If you're sending a wire for personal use, please be sure to review our Wire Transfer Agreement and retain a copy for your records. If you're sending a wire from a business account, Verity must have a signed Wire Transfer Agreement on file so we can send the wire transfer on your behalf. If needed, please submit a signed Wire Transfer Agreement with your wire transfer request.

  1. Download the International Wire Transfer form
  2. Contact the financial institution receiving the wire (“Beneficiary Bank”) to ensure you have the proper information for their incoming wire process. You will need the following information:
    1. SWIFT number for all financial institutions involved.
    2. Full financial institution name and address receiving the funds (“Beneficiary Bank”). Please note that some financial institutions have international wires go through another financial institution first—if this is the case, that institution’s information is needed and should be included on the “1st/Correspondent Bank” fields.
    3. The amount of the wire transfer in U.S. dollars.
    4. The currency type the wire will be converted to upon receipt, if not U.S. currency.
    5. Any specific special instructions they require. This may include an escrow account number for real estate wire transfers, the type of account receiving the funds, etc. If you have escrow documentation, please enclose it with the completed wire transfer form and agreement. 
  3. Make sure you have the proper information for the person receiving the wire. This includes the account number the wired money is being deposited into, the name of the account holder and the address of the person receiving the wire.
  4. After you gather the information, fill out the International Wire Transfer form.
  5. Print and sign the International Wire Transfer form.
  6. Submit the completed International Wire Transfer form and the Wire Transfer Agreement either in person at a branch or by contacting us via phone or fax.
  7. After you have contacted us and submitted the completed forms, a Verity staff member will work with you to confirm and approve the exchange rate for the currency type the funds are to be converted to, as well as provide any necessary disclosures.
  8. After approving the exchange rate and reviewing disclosures, you have 30 minutes to change your mind and cancel the transfer. If you decide to continue, the funds will be sent.

Incoming wire transfers

To receive a wire transfer from within the U.S.:

  1. Ensure the person initiating the wire has the following information:
    1. Receiving ABA number for Verity Credit Union: 325081885
    2. Final receiving institution name: Verity Credit Union
    3. Account number and account type receiving the funds
    4. Full member name associated with account receiving funds
    5. Any special instructions required for situation
  2. After the wire is submitted by the other financial institution, the time it takes for the funds to be deposited in a Verity Credit Union account is dependent upon the institution sending the funds. However, funds are generally deposited the same day. 

To receive a wire transfer from a foreign country (including Canada and Mexico): 

  1. Verity uses Western Union Business Solutions to receive international wire transfers.
  2. The information needed by the person initiating the wire is different depending on the currency and country of origin of the transfer. Please visit Verity’s Western Union Business Solutions website and fill out the online form to get the proper information.
    1. You will need to know the country you are receiving the transfer from and the currency type being submitted.
  3. Ensure the person initiating the wire has the information and instructions you receive from Western Union Business Solutions.
  4. After the wire is submitted by the other financial institution, the time it takes for the funds to be deposited in a Verity Credit Union account depends on the institution sending the funds and the country of origin.